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Fannie Mae Homestyle Renovation Mortgage by Prospect Mortgage
Fannie Mae Homestyle Renovation Mortgage by Prospect Mortgage
Property Types
Program Description
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs can be structured in many different ways that may include closing costs, fees or points.
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs can be structured in many different ways that may include closing costs, fees or points.
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as On Q Financial, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs can be structured in many different ways that may include closing costs, fees or points.
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs can be structured in many different ways that may include closing costs, fees or points.
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as On Q Financial, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs can be structured in many different ways that may include closing costs, fees or points.
Verified by Lender on: 9/21/2016
2/24/2016
2/24/2016
Types of Financing
Financing & Payment Information
Term (years):
15, 1, 30
Minimum Amount:
$50,000
Maximum Amount:
$0
Fees:
None
Money Down Required:
Yes
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Monthly
Pre-Payment Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Renewable Energy projects
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
No
Financial Products
| Lien type | Secured loan | Secured loan | Secured loan |
| Re-Payment Method | Off-bill loan (Direct to Lender) | Off-bill loan (Direct to Lender) | Off-bill loan (Direct to Lender) |
| Property Types | |||
| Automatic payment option available | Yes | Yes | Yes |
| Requires utility incentive program participation | No | No | No |
| Must use Program's pre-approved contractors | No | No | No |
| One-time fees (% of total financing) | No | No | |
| One-time fees (fixed) | No | No | |
| Ongoing fees | No | No | |
| Financing Amount | $50,000 + | $50,000 | $50,000 + |
| Financing Term (yrs.) | 15 year(s) | 1 year(s) | 30 year(s) |
| Rate | Market Rate | 0% | Market Rate |
| Money Down Required? | Yes | Yes | Yes |
| Credit Enhancement Available | Yes - Insurance | Yes - Insurance | |
| Risk Mitigation | Insurance | Insurance | |
| Transferrable | Yes | Yes | Yes |
| Prepayment Penalty or Fee | No | No | No |
| Tax Deductibility | Yes | Yes | Yes |
| Minimum Credit Score Required | Yes: 580 | Yes: 580 | |
| Equity in Property Required | Yes | Yes | Yes |
| Debt to Income Ratio Required | Yes | Yes | Yes |
| Involuntary Property Liens Allowed | No | No | No |
| Foreclosures Allowed | Yes: Yes (Occurred more than 2 years ago) | Yes: Yes (Occurred more than 2 years ago) | |
| Bankruptcies Allowed | Yes: Yes (Occurred more than 2 years ago) | Yes: Yes (Occurred more than 2 years ago) | |
| Mortgage Lender Consent/ Acknowledgement | No | No | No |
| Must be current on property taxes | Yes | Yes | Yes |
| Must be current on mortgage | Yes | Yes | Yes |
| Loan to value | Yes: 1.03% | Yes: 1.03% | |
| Debt Service Coverage Ratio | Yes: 0 | Yes: 0 | Yes: 0 |
| Financing Approval Time | More than 48 hours | More than 48 hours | More than 48 hours |
| Projected Energy Savings/Cash Flow is considered | Yes | Yes | Yes |
| Must be current on utility bill | No | No | No |
Upgrades Covered
No Results
FAQ's
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